Meats Futures Prices
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Live cattle futures traded sharply higher on Thursday, as April was $3.575 higher with most back months limit up. There is no limit in the delivery month. Feeder Cattle futures were limit higher in most contracts, with April up $1 at $140.85 with its last trading day today and a need to match tomorrow’s index. There will be expanded limits tomorrow, $4.50 for live cattle and $6.75 for feeders. The CME feeder cattle index was at $139.86 on 4/26, up 22 cents from the previous day. Wholesale beef prices were mixed in the afternoon report. Choice boxes averaged $219.15, down 3 cents, with select gaining 96 cents with an average price of $207.02. The UDSA reported cash sales of $135-$138 in TX, with $136-$138 in KS. Live sales in NE were $135-$140, with dressed sales running $215-$219. Estimated FI cattle slaughter was 464,000 head through Thursday, up 9,000 from a week ago and 16,000 head from the same Thursday in 2016. Beef export sales for the week of April 20 were 21,222 MT, 8% larger than last week and 75.5% ahead of this time last year. Exports were unchanged from last week and 22.9% above the same week a year ago. Apr 17 Cattle settled at $135.600, up $3.575, Jun 17 Cattle settled at $121.525, up $3.000, Aug 17 Cattle settled at $117.775, up $3.000, Apr 17 Feeder Cattle settled at $140.850, up $1.000 May 17 Feeder Cattle settled at $146.575, up $4.500 Aug 17 Feeder Cattle settled at $150.350, up $4.500
Lean hog futures finished the day $1.30 to $2.275 higher in the nearby months. The CME Lean Hog Index for 4/25 was down another 23 cents to $59.93.The USDA pork carcass value was up 18 cents in the afternoon FOB Plant report, with an average of $73.65. The butt and Rib cuts were reported lower. National cash hog base prices averaged $1.01 higher in the afternoon report, with a weighted average of $55.48 and a range reported from $50.00-$58.00. Week to date FI hog slaughter was estimated at 1,765,000 head WTD through Wednesday, 137,000 ahead of last week and 77,000 head larger than the same week in 2016. Export sales for pork were at 22,962 MT, just 63.5% of last week and down 62.3% from a year ago. Shipments rose 17.2% over the week, at 20,458 MT but were down 7.6% yr/yr. May 17 Hogs settled at $66.900, up $2.225, Jun 17 Hogs settled at $72.825, up $2.075 Jul 17 Hogs settled at $74.025, up $2.275